Sen. Charles Schumer wants Congress to approve a new bill that would give college grads a “fair shot” at an affordable education by allowing them to refinance their student-loan debt and take advantage of lower interest rates currently offered to new borrowers.

The plan would allow grads who are paying back loans with interest rates as high as 14 percent to refinance at today’s lower rates of 3.86 percent, Schumer announced at a press conference Sunday.

“High interest rates create an anchor around the necks of young professionals,” Schumer said, while standing with students saddled with massive school debt.

Recent legislation has brought interest rates down to between 3 and 4 percent for students taking out undergraduate loans for the 2013-14 school year.

But that’s little consolation for recent grads, most of whom are about $30,000 in debt.